Republic of Korea: Market for Fresh Or Chilled Pig Meat Other Than Cuts Or Carcases 2025

Market Size for Fresh Or Chilled Pig Meat Other Than Cuts Or Carcases in Republic of Korea

In 2022, the South Korean market for fresh or chilled pig meat other than cuts or carcases increased by 16% to $X, rising for the second year in a row after two years of decline. Overall, consumption saw a resilient increase. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the immediate term.

Exports of Fresh Or Chilled Pig Meat Other Than Cuts Or Carcases

Exports from Republic of Korea

For the third year in a row, South Korea recorded growth in shipments abroad of fresh or chilled pig meat other than cuts or carcases, which increased by 43% to X tons in 2022. Over the period under review, exports showed significant growth. The pace of growth was the most pronounced in 2015 with an increase of 3,529%. Over the period under review, the exports of reached the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, exports of fresh or chilled pig meat other than cuts or carcases surged to $X in 2022. Overall, exports recorded significant growth. The growth pace was the most rapid in 2015 with an increase of 5,726% against the previous year. Over the period under review, the exports of hit record highs in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

Hong Kong SAR (X tons) was the main destination for exports of fresh or chilled pig meat other than cuts or carcases from South Korea, accounting for a approx. 100% share of total exports.

From 2014 to 2022, the average annual rate of growth in terms of volume to Hong Kong SAR stood at +153.9%.

In value terms, Hong Kong SAR ($X) also remains the key foreign market for fresh or chilled pig meat other than cuts or carcases exports from South Korea.

From 2014 to 2022, the average annual growth rate of value to Hong Kong SAR amounted to +126.1%.

Export Prices by Country

In 2022, the average export price for fresh or chilled pig meat other than cuts or carcases amounted to $X per ton, which is down by -6.2% against the previous year. Over the period under review, the export price saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2015 when the average export price increased by 61% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2016 to 2022, the average export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Hong Kong SAR.

From 2014 to 2022, the rate of growth in terms of prices for Hong Kong SAR amounted to -10.9% per year.

Imports of Fresh Or Chilled Pig Meat Other Than Cuts Or Carcases

Imports into Republic of Korea

In 2022, purchases abroad of fresh or chilled pig meat other than cuts or carcases increased by 11% to X tons, rising for the second consecutive year after two years of decline. Overall, total imports indicated a perceptible expansion from 2012 to 2022: its volume increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +46.9% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 33% against the previous year. Over the period under review, imports of reached the peak figure in 2022 and are likely to see gradual growth in years to come.

In value terms, imports of fresh or chilled pig meat other than cuts or carcases skyrocketed to $X in 2022. In general, imports recorded a strong increase. The pace of growth appeared the most rapid in 2021 when imports increased by 50%. Over the period under review, imports of hit record highs in 2022 and are likely to continue growth in the near future.

Imports by Country

Canada (X tons), the United States (X tons) and Mexico (X tons) were the main suppliers of imports of fresh or chilled pig meat other than cuts or carcases to South Korea.

From 2012 to 2022, the biggest increases were recorded for Canada (with a CAGR of +7.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Canada ($X), the United States ($X) and Mexico ($X) constituted the largest fresh pork other than cuts or carcases suppliers to South Korea.

Among the main suppliers, Canada, with a CAGR of +9.3%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for fresh or chilled pig meat other than cuts or carcases amounted to $X per ton, with an increase of 6.1% against the previous year. Over the last decade, it increased at an average annual rate of +2.7%. The pace of growth was the most pronounced in 2014 when the average import price increased by 16%. Over the period under review, average import prices reached the peak figure in 2022 and is likely to see gradual growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Mexico ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+4.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :